SBF Hasn’t Done Crypto Fraud, But Old Fashioned Fraud; Says Davidson

• American Politican Warren Davidson told  Fox Business that SBF hadn’t done crypto fraud.
• The host asked Davidson about the possibilities of using SBF’s cooperation as a way to stop crypto fraud in general.
• “He used crypto as the shiny object to bait people to provide the capital.” say Warren.

Warren Davidson, the American politician, and the former military official, now serving Ohio’s 8^th District in Congress, tweeted that Sam Bankman-Fried, the former CEO of the crypto platform FTX, hadn’t committed any “crypto fraud”, instead he committed “plain old fashioned fraud”.

On December 29, Davidson had an interview with the American Business News Channel, Fox Business, which broadcasted the interview under the title “Rep. Warren Davidson: The fiduciary has an obligation to provide the best returns”.

In the interview, David provided an “insight on stopping the politicization of investing in money-making”.

Interestingly, while conversing on the frauds in crypto, the host “switched” the topic to SBF, who has been arrested for illegally amassing a huge quantity of assets from FTX.

When the interviewer asked, “if he [SBF] cooperates with the prosecutors, congressmen, is there a way to use his cooperation, use what he admits, as a way to stop ‘crypto fraud’ in general”, Davidson responded that he doesn’t think SBF has done any ‘crypto fraud’:

While responding to the host, Davidson said:

I don’t think he really has crypto fraud. He has just a fraud. He used crypto as the shiny object to bait people to provide the capital, but when the acting CEO came and testified before our committee, he had made it clear. This is just plain old-fashioned embezzlement.

Further, Davidson talked about the ways in which SBF had utilized the money for his own personal benefits like buying luxury real estate, food, clothing, and making political donations.

Notably, the previous week, SBF was released from federal custody, upon approving his bail on a $250 million bond. After spending a few days with his parents in Palo Alto, California, in the coming week, he is expected to enter a plea deal.